Russia's Sibur strikes deal to issue carbon credits from solar project
(Reuters) - Russia's Sibur, the largest petrochemical producer in eastern Europe, said on Tuesday it plans to start issuing carbon credits outside Russia after reaching a deal at the COP28 climate summit to register a solar project with a new international program.
The agreement was struck with the Qatar-registered Global Carbon Council (GCC), which announced the launch of its carbon credit registry during the conference.
Sibur, which already trades carbon credits in its home market on a local exchange, will become the first Russian firm to issue carbon credits under an international program since Russia established its own system for emissions trading in 2022.
The company plans to issue around 18,000 carbon credits - permits representing emissions cuts from climate action projects that allow the owner to offset their own discharges.
It said its solar power plant with 10,080 solar panels has a capacity of 4.9 megawatts and takes up an area of more than 8 hectares.
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